Here’s Why It Looks Like Gold Is Going To Have A Dull Year

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Gold consumption in India is unlikely to cross 750 tonnes this this year -which will mean a 12% drop from 2015 -in part due to the efforts of authorities to discourage buying of the metal in physical form.

A number of issues, like the 1% excise duty on jewellery, the requirement to give PAN whenever the purchase exceeded Rs 2 lakh, a close watch of tax authorities over gold sales and high prices have affected consumption, said trade executives and analysts.

Availability of paper gold -sovereign gold bond -will further bring down physical consumption of, they said. 

“Consumption of gold in India is declining,“ said Bhargava Vaidya, a senior gold trade analyst. “Rising gold prices is one of the major reasons.

In September, gold touched Rs 32,000 per 10 gm. There will be few buyers at this level. The introduction of sovereign gold bond will reduce physical gold consumption.

Though till date urban India is participating in the scheme (bond sales), the government is trying to make it accessible to rural India. Once that happens, we will see physical consumption declining." 

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Gold, Silver, Copper Updates | International Market News - 06th October

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International Market Update

Gold $ 1267.05

Silver $ 17.720

Copper $322.00

Crude Oil $ 49.50

INR 66.578

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Why do you need financial freedom?

Freedom of a nation underlines its sovereignty – in simple words its authority to govern itself. While the political freedom bestows many privileges on its citizen, one needs financial freedom to make the most of them.

And the tough part is – it does not come free, one has to achieve it for himself. Especially when the world is changing at a fast pace, it becomes imperative to work harder towards achieving the goal of financial freedom.

In the last decade of the 20th century, India adopted liberalization and things changed for most of us. While it opened gates to opportunities, it also exposed us to multiple challenges. The defined benefit pension schemes were scrapped and market linked defined contribution pension was introduced even in public sector.

Archaic labour laws started their journey from rigidity to flexibility, which also meant job security could be achieved only by constant up-gradation of skills and relinquishing laid-back attitude and not by some birth-right. State sponsored saving schemes offering assured double digit returns became a history. And market linked savings options became the order of the day.

To add to the situation, Indian families became nuclear, which deprived the retiring lot of the age-old joint family system. That makes all of us consider two scenarios – paying for one’s lifestyle when he is not working and ensuring at least the same lifestyle for one’s family even in his absence.

Who does not want to live a life of comfort when he retires? All of us want access to the best healthcare services available. Each of us wants to offer the best education to our generation-next. And all these come with a price tag. How are you going to pay for these? You cannot look for any external support. It has to come from you.

The only possible way out is - right steps taken in the direction of financial freedom when you are working. As one realizes the need to work towards his financial freedom, it is the right time to make a financial plan for himself- identify goals, prepare an investment plan, buy right insurance products and stick to your plan. The process adherence ensures that you reach your ultimate goal – financial freedom.

On the 69th Independence Day, it is the time to swear to achieve financial freedom.

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